GBPUSD AWAITING BREXIT NEWS AND UK DATA

The British pound is trading back towards the worst levels of the week against the US dollar, despite a short-lived move above the 1.3100 level on Monday over the positive Brexit news. The GBPUSD pair is awaiting a clear technical break, sellers need to move price below the 1.3000 level, while buyers need to hold price above the 1.3082 resistance level. Traders also remain cautious as the United Kingdom economy releases key PMI construction data later this morning.

The GBPUSD pair is only intraday bullish while trading above the 1.3082 level, key resistance is now found at the 1.3117 and 1.3164 levels.

If the GBPUSD pair trades below 1.3000 level, further losses towards the 1.2966 and 1.2920 support levels seem likely.